Deed - Civic Center - File 155, 1938 pt1

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-z- DATE AND PURPOSE The date of this appraisal is April 1S, 1979. The purpose is to estimate current market value of the herein appraised property. MARKET VALUE DEFINED Fair market value is defined as follows: "The highest price estimated in terms of money which a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser who buys with knowledge of all the uses to which it is adapted, and for which it is capable of being used." The appriaser wishes to call the attention of the reader to the last phrase ". . . to which it is adapted, and for which it is capable of being used." The appraiser has appraised this pro- perty within the context of this definition. The subject property is a special purpose building, and the most probable buyers in the open market would be a party which seeks to put the property to another use, that is other than a judicial use, such as general office use. Therefore the cost of converting this building has been consi- dered in the valuation process. The highest monetary return to the property, in other words, would not be to sell it for a public use, namely a judicial use. LEGAL DESCRIPTION For the purposes of this valuation estimate the appraiser refers the reader to a copy of the assessor's block book map contained in the Addenda to this report. The subject property is desig- nated as APN 75-164-4-6, 4-7. ZONING The subject property lies within the civic center district (C-C);. The purpose of the C-C zoned district is-t6 provide for development compatible with a governmental building complex. Uses per- mitted within the district include public build- s. With site development approval tFie f61- lowing uses are allowed: retail sales and personal service shops, business and professional offices, and parking for passenger automobiles. Condi- tional uses include residential units up to one unit per 1,000 sq.ft. of lot area (equivalent R-S district), multiple family. Some additional